上市公司管理者非理性情绪对公司绩效的影响研究--以上市公司不良资产为中介变量  

A Research on the Effect of Overconfidence of Listed Company Managers on Corporate Performance--A Mediating Approach of NPL

作　　者：夏宇 Xia Yu(Post-doctoral Research Station,School of Economics,Peking University,Beijing 100871,China;Beijing Huinong Capital Management Co.,Ltd.Post-doctoral Research Workstation,Beijing 100600,China)

机构地区：[1]北京大学经济学院博士后科研流动站,北京100871 [2]北京惠农资本管理有限公司博士后科研工作站,北京100600

出　　处：《工业技术经济》2020年第6期70-77,共8页Journal of Industrial Technological Economics

基　　金：2019年度教育部人文社会科学研究一般项目“绩效管理视域下基于心理契约修正模型的并购文化整合路径研究”(项目编号:19YJA630022)。

摘　　要：企业管理者对企业绩效起着决定性的影响且非理性情绪即过度自信又普遍存在,而企业的运行与投资风险又与管理者的决策相随而生。本文选用2018年在我国深、沪两地上市的2938家公司作为样本,从行为金融角度出发,以上市公司不良资产为中介变量,对企业管理者非理性情绪过度自信对企业绩效的影响进行了实证研究。研究结果表明:我国上市公司管理者非理性情绪负向显著影响企业绩效,且上市公司不良资产作为中介变量呈现显著的部分中介效应。说明在我国现行的环境下,降低上市公司的不良资产不仅可以为企业管理者非理性情绪提供控制依据,同时也可以为公司绩效带来相应改善。Enterprise managers usually have a decisive influence on business performance,and irrational emotions,namely overconfidence,are common in the world.In addition,the operation and investment risks of the enterprise are accompanied by the decision of the manager.Therefore,this paper from the perspective of behavioral finance,using NPL as a mediating variable,researches the impact of overconfidence on corporate performance by selecting 2938 listed companies in China as a sample.The results of the research show that overconfidence of managers of listed companies in China significantly affects corporate performance,and listed companies’ NPL as a mediating variable show a significant part of the mediating effect.This result shows that under the current environment in China,reducing the NPL of listed companies can not only provide a basis for corporate managers to control their irrational emotions, but also bring corresponding improvements for corporate performance.

关 键 词：非理性情绪 公司绩效 不良资产 过度自信 行为金融 中介效应 

分 类 号：F275.5[经济管理—企业管理] F272.91[经济管理—国民经济]